Buying or Selling a Home

The Purchase Contract

What might I include in my offer to purchase a home?

If you intend to have the home inspected, it should include an inspection rider; if you intend to apply for a mortgage, it should include a mortgage-contingency clause; if your attorney has not reviewed the contract, it should include an attorney-approval rider. In other words, it should cover the basics. Remember, once this document is signed by both parties, it is legally binding.

The offer should specify a date after which it is no longer valid. This may be as little as 24 hours from the time the seller or the seller's agent receives it. The offer to purchase also is usually valid only if both the buyer and seller sign it within a certain time period. As a general rule, an earnest money deposit of perhaps $500 or $1,000 accompanies the offer to purchase.